The question everyone is trying to answer at the moment is “to which channel should we assign a sale on a multi channel business?”. At a Shop.org strategy workshop, Black Wolf Group Data Sciences VP Mark Sorkin shared his expertise with the online retail market and demystified the assignment process step by step.
The variety of attribution methods is often controversial in the marketing world. For starters, we will need to prepare the ground for the analysis of the results obtained in the campaigns. End the information silos and embrace the omnichannel way of life.
Regardless of the attribution method chosen by your company, the sale goes through a multi channel process that needs to be understood and acknowledged.
Designate tracking codes for every marketing initiative, including SEO. This tracking needs to allow filtering by channel, vendor, and key attributes. Some basic metrics that should help with this step are: visitors, revenue, orders, units, and conversion. It is also important to define the weekly budget fot each channel and the actual cost of these same channels in the period.
Based on an attribution method that is appropriate to the reality of your business, follow these metrics and compare the most relevant changes, including ROI.
It’s time to roll up your sleeves: in this step, we will activate and analyze the data. Compare the results of each channel from the metrics selected in a given period. Is it possible to identify a pattern? The discounts sent via in email marketing were offered in which moment of the consumer journey? Did people who interacted with the brand on social networks make any purchases in the period?
Raising questions like these we can extract valuable insights into consumer behavior, reverting to a more effective strategy and smarter resource allocation for each channel.
Source: Shop.org summit